Economic Benefits Of Free Trade

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Free trade is the economic policy of not discriminating against imports from and exports to foreign jurisdictions. While carrying out free trade, buyers and sellers from separate economies voluntarily trade without the domestic government applying tariffs, quotas, subsidies or prohibitions on their goods and services. In order to promote economic growth, nation-states carry out free trade. However, in order for a nation-state to ultimately benefit from free trade, an inclusive economic growth is required . In this essay, we will be examining how social and educational policies in China and India can determine if free trade would be ultimately beneficial for a nation-state.

Free trade will be ultimately beneficial if the nation-state implements
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China has placed priority on developing education, and makes constant efforts to deepen the reform of educational system. It has implemented the nine-year compulsory education, which the government funds. Governments are increasing investment in education and encouraging people to run education through different channels and in different forms. In 1985, the government abolished tax-funded higher education, requiring university applicants to compete for scholarships based on academic ability.

China has also taken control of unemployment rates and increasing job opportunities as one of its principal macro control targets and incorporates it in its plan for economic and social development. Hence, shows that China is highly aware of the unemployed and is constantly trying to improve the unemployment rates in order to allow them to also enjoy the benefits of free trade. China’s official unemployment rate has hovered persistently at or just above four percent for the last five years: In 2015, it was at 4.05 percent, slightly down from 4.09 percent in
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Given the importance of cognitive skills for individual productivity, India may be forgoing economic growth because it has insufficient educational policies. The examination performance of pupils in private schools is markedly better than that of pupils in government schools, which results in a high and growing demand for fee-charging unaided private schools even in remote rural areas. According to many accounts, government-funded schools are starved of resources. 80% of all Indian schools are government schools, making the government the major provider of education. However, because of the poor quality of public education, 27% of Indian children are privately

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